Galbraith v. McDonald
Supreme Court of Minnesota
Action, in the district court for Washington county by the trustee in bankruptcy of the Washington County Co-operative Co. to recover $100 upon a promissory note made by defendant in favor of the bankrupt company.
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Action, in the district court for Washington county by the trustee in bankruptcy of the Washington County Co-operative Co. to recover $100 upon a promissory note made by defendant in favor of the bankrupt company. The answer alleged the execution of the note in payment for one share of stock in the company, but that neither plaintiff nor the Co-operative Co., prior to the commencement of the action, either tendered to or offered to deliver to defendant the share of stock purchased by him. The case was tried before Stolberg, J., who denied defendant’s motion to dismiss the action, made…
1Opinion of the CourtHolt, J.
The only question presented by the appeal is the right to recover upon a promissory note given to a corporation for a share of its stock when the only defense is a failure to deliver or tender a share certificate.
The record discloses that the first meeting of the stockholders of the Washington County Co-operative Company, a corporation, was held in March, 1909. The corporation was organized to carry on & mercantile business at Stillwater. To promote the business the -plan was to obtain patrons for the store by inducing farmers and -others'who lived within trading distance to become…
2Cases cited9 opinions
- Craig Silver Co. v. SmithMassachusetts Supreme Judicial Court · 1895
- Randall Printing Co. v. Sanitas Mineral Water Co.Supreme Court of Minnesota · 1913
- Marson v. DeitherSupreme Court of Minnesota · 1892
- Columbia Electric Co. v. DixonSupreme Court of Minnesota · 1891
- Clark v. Continental Improvement Co.Indiana Supreme Court · 1877
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3Cited by16 opinions
- Jefferson County Savings Bank v. ComptonSupreme Court of Alabama · 1915
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- Stern v. MayerSupreme Court of Minnesota · 1926
- Kitzer v. Phalen Park State Bank of St. PaulCourt of Appeals for the Eighth Circuit · 1967
- Hoffer v. CommissionerUnited States Board of Tax Appeals · 1931
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